Weekly Gold Review: COMEX Futures Slide From One Month High

Weekly Gold Review: COMEX Futures Slide From One Month High

Dec 07, 2019 11:12 IST capital market

COMEX Gold futures slipped as a corrective slide from around one month high took charge amid a recovery in European and US equities. Global stocks rose after media reports stated that China and US are working toward a phase one trade deal despite fears of fresh tensions. This weighed on Gold and COMEX Gold closed around $1464 per ounce - its lowest mark in one week. Media reports noted that Indias gold imports in November jumped 78% from a month earlier to the highest level in five months as jewellers in the worlds second-biggest market for the metal restocked after a fall in prices from all time high near Rs 40000 per 10 grams. Given that the wedding season demand in retail bullion markets would increase in near term, the downside looks protected for Gold prices. MCX Gold futures also tanked following this with a slide under Rs 38000 per 10 grams hurting the metal even more. The counter ended just under Rs 37700 per 10 grams.

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